Shopping Centres

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Vicinity Centres has announced a progress update asset divestment program, with the sale of a portfolio of 10 sub regional and neighbourhood shopping centres to SCA Property Group.
They also sold one Neighbourhood shopping centre to a private investor, for an aggregate sale price of $631.0 million.
The aggregate sale price of $631.0 million reflects a 5.1% discount to the combined 30 June 2018 book values of the eleven assets and a weighted average capitalisation rate of 6.9%.
Vicinity has now divested 35 shopping centres for more than $2.5 billion at a 0.5% premium to book value.
Discussions are noted to be underway with prospective purchasers of three remaining assets included in Vicinity’s divestment program.
Mr Grant Kelley, Vicinity’s CEO and Managing Director, said “These transactions are a significant achievement and advance our strategy to unlock major potential in the business.”
“It is an important step in delivering strong and sustainable growth through focusing our directly-owned portfolio on approximately fifty market-leading destination assets, expanding our wholesale funds platform and realising mixed-use opportunities across the portfolio.”
SCP will acquire ten assets for a total consideration of $573.0 million. Settlement of these transactions is expected later this month.
<img src="https://www.urban.com.au/images/2018/10/3/Vicinity%20centres.JPG" alt="">
The sale of Belmont Village (pictured above) in Victoria to a private investor for $58.0 million was settled at the end of September .
As at 30 June 2018, the eleven assets sold had specialty sales per square metre averaging $7,611. 
Vicinity’s FFO guidance for FY19 remains unchanged at 18.0 to 18.2 cents per security.
Assuming the sale proceeds of the eleven non-core assets are used to repay debt in the short-term, gearing would be reduced by approximately 280 basis points.
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j.ballantyne1990-6AQqhLzZaK

Vicinity sells eleven shopping centres for $631 million

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GUEST OBSERVERS
Shopping is something we all do, albeit some more reluctantly than others. It is the modern version of hunting and gathering – how we provide essentials and food for our families. We seem to do it effortlessly, moving from aisle to aisle, from store to store, paying little attention to the process. Indeed, many shop on auto-pilot, while their minds are occupied with other things.
As shoppers, we take for granted the shopping landscape. Yet, unlike the natural landscape where our ancestors hunted, our modern shopping centres have been purposefully designed.
But does the purpose-built environment really control everything shoppers do? Research paints a different picture.
<h2>What about the power of marketing?</h2>
In Ancient Greece, shopping revolved around the <a href="https://www.britannica.com/topic/agora" target="_blank">agora</a> (a market and meeting place) where merchants sold their wares from small specialist stores or stands. Much has changed since then; we have refrigeration, plastic packaging, cars and the ability to store food for longer, which means we buy more at once. In response, retailers got bigger and bigger, moving from small corner stores to larger supermarkets, hypermarkets and malls.
The shopping mall might seem like the very icon of consumerism, a nefarious attempt to capture shoppers’ money. The mall was actually an attempt to return to the concept of the agora as a public space that invited people to gather together and socialise.
In late 1930s, <a href="https://99percentinvisible.org/episode/the-gruen-effect/" target="_blank">Victor Gruen</a>, the designer of the first shopping malls, envisaged urban spaces where people would gather and a community could form. This was the first <a href="https://en.wikipedia.org/wiki/Gruen_transfer" target="_blank">Gruen Transfer</a>, where old-world architectural forms were transferred to modern commercial spaces.
<a href="https://www.citylab.com/design/2015/02/remembering-americas-mall-maestro-jon-jerde/385423/" target="_blank">Jon Jerde</a>, who followed Gruen to becoming an influential mall designer, has his own transfer named after him – the Jerde Transfer. This is about transferring a real urban experience into a sanitised and safe “theme park” to shop in.
Somewhere between the first idealistic malls and the later behemoths, the current concept of the Gruen Transfer kicked in: shoppers’ movements shifted from a determined stride (to a particular store) to an aimless wander in an almighty mall. And the concept of impulse buying was born. Perhaps the concept was given currency in the 1980s, where the idea of all-powerful marketers driving desire came to the fore thanks to <a href="https://en.wikipedia.org/wiki/Rosser_Reeves" target="_blank">Rosser Reeves</a>.
Store owners liked to think that by having the perfect shop window, outfitted just so, they could influence customers so much that they’d have no choice but to walk in and buy, buy, buy. Yet recent research (https://www.sciencedirect.com/science/article/pii/S0969698917304769) has found we can predict store sales based on the number of people who walk into the store, and that number depends on foot traffic outside the store. This mathematical regularity suggests the main driver of a store success is its location.
<h2>Lessons from the supermarket</h2>
Some might think that surely this is wrong, that it’s those crafty marketers and their clever tricks (based on the information they collect about us) that really influence purchases. So, let’s have a look at the marketers’ home turf – the supermarket.
A typical supermarket stocks over 30,000 items and yet a typical household buys just <a href="http://herbsorensen.com/herbsorensenauthor" target="_blank">300 or so unique products per year</a>. That is, they walk past roughly 29,700 products on shelves without putting any of these in their baskets.
That’s assuming those shoppers actually walk past the shelves in the first place! Despite a quarter of shoppers claiming to traverse every aisle on a shopping trip, <a href="https://www.amazon.com/Siemon-Scamell-Katz/e/B00P22ZGEG" target="_blank">less than 2% of shoppers actually do</a>.
<a href="https://images.theconversation.com/files/222323/original/file-20180608-137315-1gry32x.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/222323/original/file-20180608-137315-1gry32x.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="license" href="http://creativecommons.org/licenses/by-nd/4.0/"> </a>
So, where do shoppers go? US-based shopper scientist <a href="http://herbsorensen.com/herbsorensenauthor" target="_blank">Herb Sorensen</a> suggests that shopper movement follows natural patterns, driven by primal instincts. Rather like “stay out of caves because bears live there”, the patterns he sees are people being less likely to go all the way down an aisle when it’s stacked too high, and avoiding crowds. One aspect of this has been coined the “<a href="http://www.madetomeasuremag.com/the-butt-brush-and-other-retail-research-insights" target="_blank">Butt Brush Effect</a>” – shoppers don’t like standing in a spot where other people walking behind might accidentally brush against them.
<iframe src="https://www.youtube.com/embed/5iiFsnB8lDY?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
The ‘butt brush effect’: people do not like to be touched from behind and will even move away from products they’re interested in to avoid it.
Shoppers are naturally attracted to empty spaces. They prefer a wide pathway around a store or mall that allows them to see into the distance and avoid getting too close to other shoppers. Thus, the most common route around a store is the perimeter of the store, known as the “racetrack”.
From that main route shoppers can see down each aisle and duck in and out to get the items they need. Naturally, the shelves at the ends of aisles, known as “endcaps” or “gondola ends”, are the most valuable, simply because more people go past products <a href="https://www.sciencedirect.com/science/article/pii/S0969698917307257" target="_blank">placed here</a>. So these products get seen (and bought) by more people than products hidden away in the aisles.
Someone might argue stores use placement of key items like milk at the back of the store to “lure” shoppers to follow the “racetrack”. However, this is also done for a much more practical reason – milk is often stored at the back because it needs to be constantly restocked without breaking the cold chain (that is, from refrigerated truck to a store fridge). Much the same reason explains the increasing use of the two-way fridge – shoppers take bottles from the front, and staff restock from the back.
So, do mall and store environments influence shopper behaviour? Yes, to an extent. But, in most cases the best thing a retailer or a marketer can do is just get out of the way and let the shoppers do their thing.
In the <a href="https://archive.nytimes.com/www.nytimes.com/books/99/06/06/reviews/990606.06oconnt" target="_blank">words of Paco Underhill</a>, one of the <a href="https://archive.nytimes.com/www.nytimes.com/books/first/u/underhill-buy?mcubz=1" target="_blank">originators of shopper research</a>:
<blockquote>
No amount of merchandising can deter a shopper from his or her mission. The best you can do is go along for the ride.
</blockquote>
<iframe src="https://www.youtube.com/embed/RghUwYUHDUA?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
Paco Underhill explains how retailers plan to influence our shopping, but says we need not be completely at their mercy.
<a href="https://theconversation.com/profiles/svetlana-bogomolova-11555" target="_blank">Svetlana Bogomolova</a>, Associate Professor of Marketing Science, Ehrenberg-Bass Institute, <a href="http://theconversation.com/institutions/university-of-south-australia-1180" target="_blank">University of South Australia</a> and <a href="https://theconversation.com/profiles/bill-page-456801" target="_blank">Bill Page</a>, Senior Marketing Scientist, Ehrenberg Bass-Institute, <a href="http://theconversation.com/institutions/university-of-south-australia-1180" target="_blank">University of South Australia</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/shoppers-movements-might-come-down-to-fears-of-caves-and-the-butt-brush-94162" target="_blank">original article</a>.
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Do new shopping environments influence what shoppers do?

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<div>The Horsham Gateway shopping centre in Victoria’s Wimmera region has been sold to a Chinese investor for $14.55 million. </div>
<div> </div>
<div>The centre located at <a href="https://www.realcommercial.com.au/property-retail-vic-horsham-502568898" target="_blank">120-124 Wilson Street</a>, was sold by a local private developer at Horsham, a regional town halfway between Melbourne and Adelaide.</div>
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<div>The centre is anchored by Target on a new 15 year lease.</div>
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<div>There are six non-discretionary specialty shops, including "a bustling Snap Fitness." </div>
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<div>It was advised has having a fully leased net income of $1,205,000pa.</div>
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<div>The 1.21ha site comprises additional Commercial 2 zoned land that provides scope for future development.</div>
<div> </div>
<div>The $12-million development created more than 250 jobs during its construction phase. Target opened in May 2013.</div>
<div> </div>
<div>The quality of the Target lease covenant remains just as strong as a Woolworths or Coles supermarket, however the rent per square metre is generally substantially less, the CBRE selling agency advised.</div>
<div> </div>
<div>Other recent regional retail transactions include the IGA, Nagambie at $7,800,000 reflecting a 6.11 % yield and Bunnings, Yarrawonga at $11,500,000 reflecting a 4.9% yield.</div>
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Chinese buyer secures Horsham Gateway shopping centre

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The level of tenant enquiry for neighbourhood shopping centres in the six months to June 2017 has fallen compared to the previous six month period, according to a recent JLL survey. 
The JLL Survey of Centre Managers interviewed landlords of shopping centres managed by JLL.
Tenant enquiry remained below the neutral 0.0% mark for the third straight survey, with a net balance of -5.9% compared with -6.4% in December 2016 and -7.8% in June 2016,  highlighting the challenges faced by leasing executives and centre managers in attracting new tenants in the current economic climate.
Figure 4 highlights the “net balance” in enquiry levels between December 2011 and June 2017. 
<a href="https://www.propertyobserver.com.au/images/2017/10/09/Oct11CommPropChartFig1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/09/Oct11CommPropChartFig1.png" alt="">
The results were similar to the previous two surveys, JLL said. As with previous surveys, the overwhelming response was that centre managers expected enquiry levels to remain the same. A strong turn around in retail fortunes is not anticipated in the short-term.
Enquiries were dominated by “mum and dad” retailers, which reflects both the high number of neighbourhood centres within the Centre Managers’ Survey and the cautious approach being taken by national chains to expansion. 
<a href="https://www.propertyobserver.com.au/images/2017/10/09/Oct11CommPropChartFig2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/09/Oct11CommPropChartFig2.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/10/09/Oct11CommPropChartFig3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/09/Oct11CommPropChartFig3.png" alt="">
Enquiry tends to be predominantly from food-based retailers (both food catering and specialty food retailers) and casual mall retailers (see next section). 
There was some improvement in enquiry from food catering (takeaway food &amp; beverage) as well as kiosks. Kiosks provide prospective retailers with a lower level commitment in terms of total space leased and overall rent. Enquiry from the discount variety sector was relatively weak, with over 50% of respondents indicating enquiry was weak or very weak.
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jonathanchancellor-7SQnKwU6yx

Tenant enquiry at neighbourhood centres fell in six months to June: JLL

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JLL’s latest retail survey shows food-based retailing strategies continue to be top of mind for shopping centre managers looking to improve performance of their centres.
Food-based and non-discretionary retailing has been a top performer in shopping centres and centre managers have been devising strategies to encourage the trend to improve overall performance, according to a recent JLL survey. 
Retail vacancy rates in neighbourhood shopping centres, which strongly feature food-based and non-discretionary based retailing, increased in the first six months of 2017 – from 2.6% of vacancy in December 2016 to 3% in June 2017.  
However, vacancy rates remained below the long-term average of 4.5% reported across the 17 Centre Managers conducted to date, according to JLL’s 17th Retail Centre Managers’ Survey.
The survey, undertaken in August across 119 Australian shopping centres under JLL management, also found the performance of anchor tenants was key to maintaining high occupancy levels to combat retail vacancy in centres.
JLL’s head of Property &amp; Asset Management – Australia, Richard Fennell said attracting additional anchor tenants or mini-anchor stores was highlighted as improving the occupancy rates and rental income of some shopping centres.
“This is a strategy that works, along with changing the tenancy mix to include food-based retailing and services such as medical centres, financial services and travel agencies. Shopping centre owners are reconfiguring and refurbishing centres to provide upgraded and expanded services to attract customers,” Fennell said.
“Owners and managers are constantly refining their strategies to address the key concerns identified in the survey that are impacting on trading performance – competition, growth in online retailing, and a challenging economic outlook.” 
<a href="https://www.propertyobserver.com.au/images/2017/10/04/JLLRetail1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/04/JLLRetail1.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/10/04/JLLVacancy.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/04/JLLVacancy.png" alt="">
The survey also revealed a slight improvement in sales growth expectations, with 53% of respondents expecting some sales growth in the year ahead, up from 47% in February 2017.  But most respondents expected growth to be no more than 3% per annum.
JLL’s director, Strategic Consulting, David Snoswell said consumer sentiment has been weak for an extended period of time across the nation.  
The Westpac-Melbourne Institute Survey of Consumer Sentiment has been below the 100 neutral mark between December 2016 and August 2017, dropping to a low of 95.5 in August.
“20% of respondents to our survey said they expected a decline in sales turnover in the next 12 months and gave a range of reasons for this, including strong competition in the catchment they operate in, the loss of a key tenant and the need for the centre to be refreshed/refurbished,” said Snoswell.
“When we asked shopping centre managers what factors were impacting turnover performance, competition from other centres remained the key area of concern (with a net balance of -38%), followed by online retailing (-25%) and the economic outlook (-23%).
“In contrast, the most positive factor for trading performance continues to be changes to the tenancy profile of centres to improve performance.” 
 
 
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Food-based retailing is the standout retail performer: JLL survey

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Shopping centre landlords are charging retailers “crazy” rents, franchise operator Stan Gordon has said, while urging landlords to be realistic or retailers would quit their malls in droves.
Gordon is managing director of Franchised Food Company, which has more than 200 outlets across brands like Cold Rock, Whippy, Pretzel World and Trampoline.
"The retail market is not fantastic, it's very tough. All we are asking for is fairness. We can't be in malls just to break even while making the shopping centre owners rich," Gordon was cited as saying by The Australian Financial Review.
He said the owners of Chadstone Shopping Centre in Melbourne (Vicinity Centres and the Gandel Group) asked three of its franchisees "crazy rents" when they were given the opportunity to move back in after refurbishments. 
"We told them we cannot make it work at these rents," Gordon said. 
A spokeswoman for Vicinity Centres declined to comment.
Gordon said retailers are being held for ransom by some shopping centres that had annual rent increases of 5 per cent, almost 3 percentage points more than inflation.
"Yes, these shopping centres are often undergoing multimillion-dollar upgrades – another reason for the unsustainable increases in rent – but this is only in response to the rise of online shopping," he told the AFR.
Fast-food franchise <a href="https://www.urban.com.au/expert-insights/investing/73263-sumosalad-close-to-winning-rental-dispute-with-landlord-westfield" target="_blank">SumoSalad put two of its 20 companies into administration</a> in June to force landlord Westfield to negotiate on rents and is close to a lower rent agreement, according to recent developments.
Gordon pointed out that staff penalty wages should drop if retailers are to remain profitable in the high-rent environment.
Claims that shopping mall landlords are oversaturating their centres with food outlets were rebutted by Peter Allen, the chief executive of Westfield landlord Scentre Group.
Allen said while retail space allocated to "food catering" was growing by 4.5 per cent, food sales were increased by 6.8 per cent.
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Shopping mall landlords charging 'crazy rents', says franchisor Stan Gordon

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Westfield shopping centre manager Scentre Group has rejected SumoSalad's claim that increase in other food outlets at its centres was hitting its sales, saying sales growth has in fact outpaced the increase in retailers.
Retail space allotted to "food catering" has grown by 4.5 percent since 2008, but sales for food catering rose by 6.8 percent, Scentre chief executive Peter Allen told The Australian Financial Review in an escalation of the landlord-tenant battle.
Fast food chain SumoSalad put<a href="https://www.urban.com.au/expert-insights/investing/71650-sumosalad-puts-two-outlets-into-voluntary-administration-in-rent-dispute-with-landlord-westfield" target="_blank"> two of the 20 companies</a> in the group into after trying to negotiate cuts in leasing charges over six months with Westfield. The move was aimed to force Westfield to the negotiating table. 
SumoSalad CEO and co-founder Luke Baylis said the dispute arose after the shopping centres decided to dramatically expand the number of food outlets within shopping centres.
But Allen was of a different view.
"What we are seeing is that our productivity, our sales per square metre is increasing. So even though we are increasing [food catering] space, retail is doing better," Allen said at the Australia-Israel Chamber of Commerce retail briefing in Sydney.
"We have got to be very careful we don't mix up what we are trying to do in terms of having a competitive environment with the business performance of retailers."
Scentre and SumoSalad were still negotiating, he added.
"SumoSalad, that's a franchisee model. How good is the model, we don't know," he said.
Allen said each mix of retailers has been curated carefully, and an increase in outlets was a means of wooing more shoppers.
Westfield’s focus on ensuring that retailers were profitable by having a profit formula shared by both parties is part of its strategy to counter the threat from online shopping.
"We have a a population which is growing and we are taking a bigger share of that catchment. We are not taking from other retailers in the centre," Allen said.
He received support from Harris Farms Markets co-founder Catherine Harris, who was also on the panel on Thursday.
Harris said landlords had changed and were collaborating with tenants rather than working against them.
"I find that centres want to genuinely help retailers. That's a huge change from 10 years ago when landlords say they are the boss," she told the AFR.
If smaller retailers were not able to make it work in "larger centres", smaller neighbourhood ones or going independent were options, but only if the brand was strong enough, she said. 
"You can go to a neighbourhood centre, but you need the brand to bring in shoppers. And big centres do that for you," Harris said.
Harris Farm have recently snapped up a commercial strata space that they occupy at 24-30 Springfield Avenue, Potts Point for $11.75 million. 
Eric Lundberg and William Shen of TGC handled the sale which represents $11,900 per square metre.
It was sold returning $1.046 million nett PA. 
TGC noted "Woolworths recently signed up for a second store in the area and Aldi were also keen to open a supermarket in the area but are finding it difficult to secure a 1500 sqm box."
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Westfield's Scentre counters SumoSalad shopping centre lease claim

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Tesla owners can now charge their cars for free at Stockland retail centres, with Stockland announcing a $200,000 national roll out of Tesla Destination Chargers across 31 shopping centres from Cairns to Melbourne.
The Tesla Destination Charger rollout complements Stockland’s 17 free Charge Point facilities at 10 locations in Australia, which have been used more than 2,000 times by customers since 2015, it said.
Hon Craig Laundy MP, Federal Assistant Minister for Industry, Innovation and Science joined Stockland to charge up the first Tesla vehicle at Stockland Cammeray shopping centre in Sydney.
Laundy said it was great to see two companies committed to sustainability working together to expand low emissions technology.
Apart from EV charging networks, Stockland has previously invested $4.8 million in solar projects installed across its Shellharbour, Wetherill Park Green Hills and Nowra shopping centres in NSW. 
The shopping centres to have Tesla Destination Chargers will be as follows: 
<ul>
<li>NSW: Balgowlah, Cammeray, Green Hills, Jesmond, Merrylands, Baulkham Hills, Wetherill Park, Shellharbour, Bathurst, Nowra, Corrimal, Forster, Tamworth, Glendale, Wallsend</li>
<li>QLD: Cairns, Townsville, North Shore, Rockhampton, Bundaberg, Gladstone, Hervey Bay, Caloundra, Cleveland, Pacific Pines, Benowa Gardens, Burleigh Heads</li>
<li>VIC: Highlands, The Pines, Trarlagon</li>
<li>WA: Baldivis</li>
</ul>
Stockland says it has the most Green Star rated shopping centres in Australia.
“We’re proud to be leading the sector in sustainability and investment in this type of infrastructure and renewable energy which is so important to the future of our shopping centres and cities”, said John Schroder.
Stockland was recognised as the most sustainable real estate company in the world in the 2016-2017 Dow Jones Sustainability Index (DJSI) and achieved Global Sector and Regional Sector Leader status in the 2016 Global Real Estate Sustainability Benchmark (GRESB) survey in the category Diversified - Retail/Office.
Stockland Group executive and CEO of Commercial Property, John Schroder, said the initiative was part of the company’s broader focus on innovation, which included using social robotics in retail while increasing convenience for customers while they shop or dine.
“Just one hour connected to a Tesla Destination Charger provides up to 81 kilometres of range. We are excited to roll out these convenient facilities across our retail portfolio, allowing shoppers to plug in for free,” he said.
Schroder said the evolving retail landscape meant that technology was increasingly critical to drive innovation, efficiency and sales.
“We know EV vehicles are part of the future and we look forward to offering more features like this to meet continuing Australian demand,” said Schroder.
“It is integral that Australian shopping centres continue to evolve and adapt to retailer, customer and global demands.”
 
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Stockland rolls out Tesla charging network at its shopping centres

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The Eli Waters Shopping Centre in the Queensland town of Hervey Bay has hit the market.
It is anchored by a 3,757 square metre full-line Woolworths supermarket, secured on a 20-year lease until September 2027 plus options until 2047.
It also features 23 specialty shops, one kiosk, four ATMs and one DVD kiosk.
The centre has a gross lettable area of 6,338 square metres and it is located at 2 Ibis Boulevard at the intersection of Maryborough-Hervey Bay Road, a major arterial route from Maryborough and the areas west of Hervey Bay.
It is being marketed for sale by Peter Tyson and Jon Tyson of Savills with offers closing 6 April 2017.
Tyson said the centrebenefits from a population of over 38,000, forecast to grow to 50,000 plus by 2013.
“The centre is arguably the most convenient food and service offer in Hervey Bay with ample grade level parking, a simple retail layout featuring two mall entries and excellent exposure,” he said.
“With the strong ongoing demand in the neighbourhood shopping centre asset class, we expect a high level of investor interest in this opportunity due to its quality tenancy profile and large, fast-growing catchment.”
Hervey Bay is on Queensland's Fraser Coast, approximately 290 kilometres north of Brisbane.
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Hervey Bay shopping centre hits the market

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AMP Capital's managing director of shopping centres Bryan Hynes is stepping down after just over nine years in the role.
In his time in the top job Hynes has grown AMP Capital's shopping centres portfolio from $4 billion to $10 billion.
The portfolio now has 27 centres throughout Australia and New Zealand which generates more than $7.9 billion in annual sale.
Hynes had spent 18 years at AMP Capital, holding senior roles including Warringah Mall general manager and head of retail asset management.
As of January 1 2017 AMP Capital's head of shopping centre development Mark Kirkland will take over the role.
AMP Capital's global head of real estate Carmel Hourigan said that Marks skill set will help the company target their next phase of growth.
“With 27 years of major project experience in the property sector, 24 years of which have been focused on retail, Mark brings an impressive skill set to take our Shopping Centres business to the next phase of growth. 
“Mark has been instrumental in the successful delivery of Pacific Fair and Macquarie Centre and has contributed heavily to the efforts we have undertaken to maximise the value of the existing portfolio and enhance performance for our investors.
“Now that AMP Capital has delivered these successful developments on the east coast and will be turning our attention to developments in Western Australia, it is the right time to refocus the business under new leadership and I am pleased we have such a strong internal candidate in Mark. 
She also acknowledged Bryan's contribution over the last nine years.
“I would like to acknowledge Bryan’s significant contribution to our business, most recently leading the team in the delivery of award-winning developments at Pacific Fair and Macquarie Shopping Centres. 
"I would like to thank Bryan for the legacy he has created and his efforts in ensuring AMP Capital is best positioned to capitalise on opportunities within the real estate market.”
  
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